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Wed 13 Jan 2016 02:01 PM

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Pakistan minister says close to agreeing price for Qatar LNG deal

Petroleum minister says negotiations ongoing to finalise multi-billion dollar deal with Gulf state

Pakistan minister says close to agreeing price for Qatar LNG deal
(Photo for illustrative purposes only)

Pakistan is still in negotiations to finalise a multibillion-dollar liquified natural gas (LNG) import contract with Qatar and expects to reach a price for the deal by end of this month or the next, Pakistan's petroleum minister said on Wednesday.

The 15-year deal was struck last year and will be for 1.5 million tonnes a year of LNG.

"The price has not been finally agreed yet; the only thing left is price right now," Minister of State for Petroleum Jam Kamal Khan told Reuters in Abu Dhabi.

"I think the final agreement will be either this month or in February," he said, adding that he expects the deal to be finalised during a visit to Qatar by Pakistan's Prime Minister. He did not give a date for the visit.

Gas is used to generate nearly half of Pakistan's electricity. The country produces about 4.1 billion cubic feet per day but needs around 6 billion cubic feet per day, depending on the time of year.

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